Carl Erik Rinsch, the director behind Netflix’s forthcoming sci-fi series “Conquest,” reportedly diverted $4 million from the show’s budget to invest in Dogecoin (DOGE), resulting in an impressive profit of $27 million. Recent reports from The New York Times indicate that Rinsch is now pursuing an additional $14 million from Netflix through a confidential arbitration proceeding.
The article delves into the backstage turmoil surrounding Rinsch’s show, which was allocated a substantial budget of $55 million by Netflix but has yet to release its first episode. Initially receiving $44 million from Netflix in March 2020, Rinsch sought additional funds, with Netflix agreeing to provide an extra $11 million under the condition of completing the series.
However, financial records obtained by the NY Times reveal that Rinsch diverted $10.5 million of the additional funds into stock market speculation. Unfortunately, his options bets on pharmaceutical companies and the S&P 500 resulted in losses of nearly $6 million. Left with a little over $4 million, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken and placed a full bet on Dogecoin, ultimately withdrawing around $27 million in May 2021 after liquidating his Dogecoin holdings.
Rinsch reportedly spent a significant portion of his profits, approximately $9 million, on extravagant purchases such as luxury furniture, designer clothing, a watch worth over $380,000, five Rolls-Royces, and a Ferrari. These details emerged from a forensic accountant hired by Rinsch’s ex-wife during their divorce proceedings.
In response to these revelations, Rinsch initiated a confidential arbitration proceeding against Netflix, alleging a breach of contract and claiming $14 million in damages. Netflix, however, denies any obligations and characterizes Rinsch’s demands as an attempt to extort money.
